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Varun Beverages has invested 9.80% of Equity Share Capital (5.68% on fully diluted basis) of Lone Cypress Ventures, a special purpose vehicle inter-alia engaged to supply solar power to consumers in the state of Uttar Pradesh.
The company intends to obtain solar power (generation and supply) from SPV for its facilities located in Sandila, Uttar Pradesh and Kosi, Uttar Pradesh. Solar power is environment friendly (green energy) with the added advantage of reduction in the power cost of the respective facilities.
Accordingly, as per the Electricity Act, 2003, the company, being captive user, is required to make investment in the SPV.
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